Personal Lines – Florida Exam Questions And Answers 100% Pass
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Course
Personal Lines
Institution
Personal Lines
Personal Lines – Florida Exam Questions
And Answers 100% Pass
5 Qualifications for a General Lines License - answer1. 18 years old
2. resident of FL or place of business in FL
3. 200-hour course or 1 yr experience in all lines
4. cannot be for writing controlled business
5. Exam waived for ...
Exceptions to indemnity - answer✔1. Valued policies
2. Florida Value Policy Law
3. Replacement cost
4. Liability insurance
Insurable interest - answer✔Must exist at the time of loss
peril - answer✔condition or occurrence that may cause a loss (fire, wind, theft, collision)
hazard - answer✔increases the likelihood of a loss
physical hazard - answer✔physical characteristic increases the likelihood of a loss - wet floor
moral hazard - answer✔intentional loss - taking drugs
morale hazard - answer✔carelessness - leaving cash drawer open in a business
doctrine of proximate cause - answer✔unbroken connection between an occurrence and damage which
grows out of the occurrence
direct loss - answer✔physical harm to tangible property
indirect loss - answer✔economic loss as a consequence of a direct loss - ex) rental car fees
mortgage holder - answer✔has lender's interest in property
lender interest - answer✔named in loss payable clause and called loss payee - personal property; named
mortgage/mortgagee clause and called mortgage holders - real property
real property - answer✔buildings and land
personal property - answer✔can be taken when you move away
loss settlement valuation - answer✔actual cash value = replacement - depreciation
replacement cost - answer✔actual cost to repair or replace property; awnings, flooring, appliances, TV
antennaes are excluded
Florida Valued Policy Law - answer✔insurer must pay the amount provided in teh policy for which
premium has been paid for a total loss by an insured peril
Co-insurance - answer✔artificial device that encourages the insured to pruchase insurance to a
previously agreed amount - 80%, 90%, 100% - [(Did) / (%)(Value of property at time of loss)] x Loss
Amount = Amount paid by company
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